Question by Xanctity: How do I go about getting a Roth IRA started?
I’m 23, married, and interested in opening a roth IRA but I have no idea where to go, what bank to use or what my options are. I’ve done my research and know that this is the type of account I want but haven’t been able to find advice on how to get the ball rolling. Any advice or suggestion would be appreciated =)
Also, what is the minimum amount to open the account?

Best answer:

Answer by SECWhen it comes to investments, it is usually in your best interest to seek the aid of a professional. A Certified Financial Planner in your area can not only help weed through the countless choices you have, but also show you how the investment fits into your overall financial picture. Check out www.cfpboard.org to find a planner in your area.

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2 comments so far...

Michael K Said on October 20th, 2011 at 2:05 pm:

You can open a Roth IRA at any bank or brokerage firm in the country. You could invest the money in a CD or a Mutual Fund. You can think of the Roth IRA as a kind of wrapper around an investment that shields the investment from income taxes.

The larger brokerage companies will allow you to open your account online. Some accounts have no costs other than the mutual fund management fees. Others charge an annual fee, on top of the management fees, of $ 10-$ 50 or so. A three of the larger mutual fund houses that offer Roth IRAs are:

I personally am a fan of self-directed IRAs with an IRA custodian that can handle non-traditional investments like real estate, rentals, land, annuities, notes/mortgages, etc…, as well as stocks, bonds, and mutual funds.

Check out Equity Trust Company (www.trustetc.com) or Pensco Trust (www.pensco.com, I think) for good info on what is possible.

I don’t know that minimums are in place for most IRA custodians (doesn’t have to be a bank); generally the maximum is the thing to be aware of…